Ms Bishop's comments at the NATO summit in Wales came as Ukraine said it was poised to strike a Kremlin-backed ceasefire deal with rebel leaders after five months of a conflict that has inflamed East-West tensions.

Ukrainian President Petro Poroshenko on Thursday said the peace blueprint would be signed on Friday at a meeting in Minsk brokered by the European security body the OSCE.

That's the same day the European Union is expected to announce additional tough economic sanctions against Moscow.

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Ms Bishop spoke to Mr Poroshenko at Celtic Manor in Newport on Thursday.

The president thanked the foreign minister for Canberra's commitment to open an embassy in Kiev.

The deputy Liberal leader also raised the Ukraine crisis during a NATO meeting focused on transition arrangements in Afghanistan as the International Security Assistance Force (ISAF) mission ends.

"I called upon Russia to respect Ukraine sovereignty and urged parties to find a peaceful solution to that crisis," Ms Bishop told reporters afterwards, adding she also highlighted the MH17 incident proved Russian aggression had far-reaching consequences.

"Consideration is being given by a number of parties to further sanctions should there not be some kind of ceasefire and resolution to the conflict in the very near future.

"Words are one thing but actions are another. Unless there is a complete resolution of the conflict in Ukraine I fear that it will escalate and that's why it's a subject of considerable discussion here.

"I expect we will see more steps towards trying to contain Russia's aggression through the imposition of sanctions."

Ms Bishop said Australia would continue to "review" its own sanctions.

US senator and former presidential candidate John McCain on Thursday called for sector-wide sanctions against Russia and for the world to supply Ukraine with arms.

Asked about the possibility of Australian troops potentially training Ukraine forces, Ms Bishop said: "The Ukrainian government has not sought assistance in that regard, I don't believe it's sought assistance from NATO at present, so we keep these matters under review."

Ms Bishop further used her NATO address to urge leaders to work together to defeat the "barbaric organisation known as ISIS" or Islamic State.

She called for increased defence spending and accepted NATO's invitation for Australia to become an "enhanced partner" of the world's leading military grouping.

A Friday morning breakfast meeting on the summit sidelines will focus on the crisis in Iraq and Syria.

It will be led by US Secretary of State John Kerry and UK Foreign Secretary Philip Hammond with foreign and defence secretaries from like-minded countries, including Australia, attending.

Canberra has assisted so far with airdrops delivering humanitarian aid and military equipment.

Ms Bishop said that while Australia hadn't received a request for further support "of course we will consider it because Australia has a deep national interest in this matter".

The foreign minister on Friday will head to London for talks with security officials before jetting back to Australia.